Online Degree Tip # 3: Student Loans Are Not Just for Traditional Students

Long distance education has proven to be a great hit with adult students, who for some reason had to abandon their education and now want to get a college degree. For these non-traditional students, there are a number of online degree courses being offered by educational institutions that have made it a lot easier for them to continue their education from where they had left it off. In addition to the online courses, there are student loans available for such students as well that can help them in paying for the expenses of their education. The following are some of the options that can be used by non-traditional students for funding their online education.

Grants and Scholarships

Grants and scholarships are among the most lucrative ways of gaining financial aid for your online college degree. A grant is basically a gift that is awarded to students who are excellent in studies but require money for continuing their online education. Scholarships on the other hand are awarded to those students who either have a sound academic record or have shown a lot of promise in sports or arts. The best thing about both scholarships and grants is that you do not have to pay them back. However, in order to remain eligible for receiving them, you will have to continue to achieve a set Grade Point Average (GPA) in every semester.

Work-Study Programs

Non-traditional students looking for a way to get financial aid for completing their education will find work-study programs an excellent means of funding their online college degrees. These programs provide the distance learners the chance to pay their tuition fee by doing work. These programs are excellent for those students who are already working in some organizations. Such students can ask their employers to pay all or part of their tuition fee.

Study Loans

Study Loans are a non-traditional student’s best chance of funding his online education if he is not particularly good in studies and cannot apply for a grant. There are many private financial institutions, banks and government bodies that are willing to provide financial aid to such students. However, loans that are borrowed from banks and private organizations generally come with a high rate of interest. On the other hand, study loans offered by government organizations do not charge interest from the student and they only have to pay back the principal amount. Thus, it is in your best interest to secure a student loan from a government body rather than a bank.

Accreditation

Accreditation is the most important thing required by distance learners for applying for a student loan. If the college degree they are pursuing is being offered by an institution that has gained college accreditation, then they would be considered eligible to apply for the loan. On the other hand, adult students that have been framed by phony colleges who do not possess college accreditation cannot apply for such loans. Thus, if you want to have a loan sanctioned then you must make sure that the online degree you are pursuing is being awarded by an accredited institution.